-- Mary Chia (SGX:5OX) said its subsidiary, Organica International, has initiated legal proceedings against Fullink Capital in the General Division of the Singapore High Court, according to a Wednesday filing with the Singapore Exchange.
The move follows the company's subsidiary receiving a statutory demand from Fullink, seeking around SG$902,640 tied to loans extended to Organica.
Organica's originating application seeks declaratory relief from the enforceability of certain components of the claimed amount.
Mary Chia shares plummet 12% in recent trade.